Notts County owner Ray Trew is reported to have approached businessman Alan Hardy over a potential takeover of the club.
The Magpies were put up for sale by Trew last February and according to reports Hardy has been approached by advisers representing Trew about buying the club.
Hardy is Chief Executive of Nottingham company Paragon Interiors Group, an office refurbishment and fit out firm.
He is also owner of the Nottinghamshire Golf and Country Club, and has previously made two offers for the oldest professional association football team in the world.
But a deal could not be reached with Hardy or other possible buyers from the United States and China.
Trew bought the club back in 2010 after County had been served two winding up petitions from HM Revenue and Customs.
Hardy was in attendance at Meadow Lane on Saturday to see Notts draw 1-1 with Crewe.
County are currently 12th in League Two, just one point outside the playoffs, with a tough away trip to high-flyers Portsmouth ahead on Saturday.
The club are yet to comment on the reports.